Which of the Following Statements About Organizational Forms of a Business

question 92

Multiple Choice

Which of the following statements about organizational forms of a business is FALSE?

• A)In a sole proprietorship form of business or in a partnership form,the owner(s)are personally responsible for the debts of the business.
• B)The partnership agreement states how profits are to be shared between partners and what happens when a new partner is to be admitted or an existing partner is retiring.
• C)A corporation is a separate entity from both a legal and accounting perspective.
• D)The owners of a corporation are legally responsible for the corporation's debts and taxes.

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